Abstract
This article is an attempt to estimate the impact of the volatility of oil prices on the income of Russian economic entities associated with the oil realization, as well as the importance of the price of oil in stabilizing the exchange rate of the national currency. The authors have analyzed dependencies between the variance of the price of oil, ruble exchange rate against the US dollar and Russian oil export volume and observed the correlation between these indicators. It has been concluded that the problems of the Russian economy are expressed in the loss of dollar revenues from oil sales by 2.37 times in the last five years, which significantly affected the trade balance and served as the basis for the devaluation of the ruble. According to the results of the research, the authors suggest several solutions for raising the price of oil and stabilizing the ruble exchange rate.
Highlights
Russia is going through a crisis period
Some conclusions and explanations are based on the synthesis of other research containing findings concerning the influence of western sanctions against the Russian economy, the reasons for oil prices volatility and Russian economical expectations
In order to assess the degree of influence of oil prices on the ruble rate, it is necessary to determine how much they correlate with each other
Summary
The low price of oil, the inaccessibility of borrowed capital due to sanctions on several industries, and the growth of costs for the military-industrial complex all combine to impede the development of the economy, increase consumer prices, and reduce the standard of living. In this situation, it is important to understand how certain factors affects the economy, to what extent, and for what reason they occur. Similar conclusions were found in the article by Kiselitsa, Shilova and Liman (2017)
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